WA govt won't axe future fund: Barnett

Western Australia has two years of financial pain to ride out but there's no way the state government will raid its future fund, Premier Colin Barnett says.

After Cabinet finalised the state budget on Monday, Mr Barnett said "large" deficits over the next two years could not be avoided.

But the future fund that was the centrepiece of the 2012/13 budget won't be touched.

Established with more than $1 billion in seed capital over four years using money from the Royalties for Regions fund, it aims to set aside cash from the state's mineral resources for future generations.

"That's a long term policy. We're not going to raid our own future fund," Mr Barnett told reporters on Tuesday.

"We're just going to tighten our budget right across both capital and recurrent spending, and get through these two years."

Mr Barnett also confirmed federal government funding was coming WA's way after the other states and territories rejected his call to change the GST carve-up.